Pan American Silver Corp.
Pan American Silver Corp. is the world's premier primary silver producer by reserves, Toronto-headquartered and TSX/NYSE-listed. Its Silver segment comprises La Colorada, Juanicipio (a high-grade JV with Fresnillo plc, also seeded in this batch, in which PAAS holds a 44% economic interest), Cerro Moro, Huaron and San Vicente; its Gold segment comprises Jacobina, El Peñón, Timmins, Shahuindo, Minera Florida and Dolores -- spanning Mexico, Peru, Argentina, Bolivia, Brazil and Canada. Michael Steinmann is Chief Executive Officer. Q1 2026 attributable free cash flow was $488 million, inclusive of PAAS's ~44% share of Juanicipio's free cash flow. The company targets up to $1 billion in shareholder returns in 2026 under an enhanced Shareholder Return Framework.
Notable vs. Peers
- All-in sustaining cost of $6.63/AgEq oz is 80% lower than the peer producer average of $33.98/AgEq oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Multi-mine, multi-country producer with mines permitted independently over years/decades; no single company-wide permit date exists. Row presence documents that current producing mines are, by definition, permitted. · Source
- Reached — date not disclosed · Same multi-mine caveat as PERMIT_GRANTED -- no single company-wide construction-decision date represents a multi-asset portfolio built up over years. · Source
- Reached — date not disclosed · Same multi-mine caveat -- see this miner's description/technicalReportNote for the best-documented individual mine build in the current portfolio. · Source
- Reached — date not disclosed · Row presence confirms current production status across the 11-mine Silver+Gold segment portfolio (Q1 2026 attributable FCF of $488M, per PAAS's own results). No single company-wide first-production date is meaningful across a portfolio this size and age. · Source
- Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across a large multi-mine portfolio across the Americas (La Colorada and Juanicipio JV in Mexico, Jacobina in Brazil, Dolores, Timmins/La Arena in Peru, Manantial Espejo and Cerro Moro in Argentina, MAG assets, plus legacy Yamana/Agnico Eagle royalty and other JV interests) assembled via decades of organic growth and major mergers (including the 2023 Yamana Gold silver/gold-asset acquisition alongside Agnico Eagle). Q2 2026 financial results (released 2026-08-11/12) reported attributable silver production of 6.5Moz and gold production of 166koz, with $344M attributable free cash flow. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
President and Chief Executive Officer of Pan American Silver Corp. since 2016 (director since 2016; joined the company in 2004, rising through increasingly senior roles). Before Pan American, Manager of Geology and Business Development for Glencore in South America (1998-2004). PhD in Natural Science (Geology), Swiss Federal Institute of Technology (ETHZ).
Chief Financial Officer of Pan American Silver Corp. since 1 Mar 2022, succeeding Rob Doyle. Joined Pan American in 2002, spending 20 years in progressively senior roles (most recently VP Finance) before his CFO appointment -- missing from this DB entirely before this batch (only the CEO was tracked). Before Pan American, worked at Minera Antamina and Rio Algom Ltd. BSc in Geological Engineering, Queen's University; MBA, McGill University. Dual Peruvian/Canadian citizen.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Task #172 gate batch: smartMoneyScore rubric (playbook §7.6) applied 2026-08-15 -- GATED: marketCapUsd $20.24B >= $5.0B applicability threshold. At this size, index membership (GDX, S&P/TSX 60, Russell 1000) mechanically dominates the shareholder register, so absence of a visible specialist bet carries no information. RESEARCHED_UNKNOWN per playbook §6.4/§7.6.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Pan American Silver is a ~20-mine diversified major (Mexico, Peru, Bolivia, Argentina, Canada, Guatemala/Escobal on care-and-maintenance) -- no company-wide DCF study exists, consistent with the playbook's mature-diversified-producer precedent (CERT/ORV/GG/B2Gold pattern). ouncesFound is written from the company's own consolidated, company-wide Mineral Reserves and Mineral Resources release (effective 30 Jun 2025, published 11 Sep 2025): Proven+Probable Reserves = 452.3 Moz Ag + 6.339 Moz Au; Measured+Indicated Resources (company reports these EXCLUSIVE of reserves) = 1,130.6 Moz Ag + 9.894 Moz Au. Per the ouncesFound=M+I-inclusive-of-reserves convention, the two silver figures are summed: 452.3 + 1,130.6 = 1,582.9 Moz Ag, written to ouncesFound. This total EXCLUDES MAG Silver Corp.'s reserves/resources (the Juanicipio JV and Deer Trail project) -- the MAG acquisition closed 4 Sep 2025, after this reserve statement's effective date, and the release explicitly says so. dcfNpvUsd/irrPct/mineLifeYears are taken from a single, distinct, currently-disclosed project rather than any company-wide figure: the La Colorada Skarn Project (Zacatecas, Mexico) -- a FUTURE growth project beneath the currently-producing La Colorada underground mine, not the mine itself -- revised PEA announced 24 Mar 2026 (resource effective 30 Jun 2025): Base Case after-tax NPV5%=US$2.6B, after-tax IRR=17%, 37-year mine life following completion of a new processing plant (approx. 6-year capital development/construction 2026-2031 plus 2-year commissioning/ramp-up before that mine life begins), initial capex US$1.9B, metal prices $45.00/oz Ag. Upside Price Scenario ($75.00/oz Ag): after-tax NPV5%=US$5.2B, IRR=25% -- not written (repo convention is one headline figure; Base Case used as the more conservative/standard disclosure). This PEA is for the Skarn deposit specifically, NOT representative of Pan American's ~20 currently-producing mines collectively, which (as a group) have no consolidated DCF study -- flagged, not decided as a permanent convention (same judgment-call shape as GCU/III from wave 6).